Income

An IRA Contribution Option You Might Not Know

Retirement savings might not have to take a back seat just because your partner doesn't earn income....

Can You Convert An Inherited IRA To A Roth IRA?

The are smart ways and terribly taxing to get funds from an Inherited IRA to a Roth account. Keep reading to learn how to get more tax free income from your inheritance....

The Grind Back To Financial Independence: Early Stages Complete

In the second half of 2023, I significantly impacted our passive income, causing our household to technically lose its financial independence. Prior to this, we had been financially independent since ...

How to Use Annuities for Retirement Paychecks

Predictable income can provide stability and peace of mind. Here’s how to decide whether an annuity is right for you — and sort through the options....

The Economics of Sports Trading

In sports trading, the real game is buying and se­lling odds to make money, like trading stocks. This guide­ shows how to use changing odds, supply and demand, and real-time­ info to your ...

How IRAs Impact Social Security

Do your traditional IRA distributions count as income that could lower your social security benefits? It depends....

Inflation Hurts Both Near Retirees and Retirees – Here’s How

Impact depends on sources of income, asset holdings, and the amount of fixed-rate debt. In June 2022, U.S. inflation peaked at 8.9 percent – a dramatically high level after nearly three decades ...

How Did the Expansion of Vocational Rehabilitation Services Affect Youth Receiving SSI?

Abstract This study examines how transition-aged youth with disabilities receiving Supplemental Security Income (SSI) may have been affected by the Workforce Innovation and Opportunity Act (WIOA) and ...

Is It Really Allowed – Making a Non-Deductible IRA Contribution Followed By a Roth Conversion?

Photo credit: diedoe I occasionally receive this question: Can I make a non-deductible IRA contribution, and then shortly after convert the IRA into a Roth IRA? My income is too high for me to make a ...

Unlocking Retirement Stability: A Guide to Annuities

A couple enjoys the feeling of stability after learning about the fundamentals of annuities. Annuities are a powerful tool in retirement planning, offering a range of income options, riders, and guara...

The Best Way to Defer RMDs (and Their Tax Bills): QLACs

Concerned about RMDs? Worried about outliving your retirement savings? A qualified longevity annuity contract defers some RMDs and guarantees lifetime income....

Why We Should Talk About Money More Often

For many people, the subject of money carries a certain stigma in social settings, especially when discussing income, retirement savings, ... Read more...

What Risks Do Near Retirees and Retirees Face from Inflation, and How Do They React?

Thereport’skey findings are: High inflation tends to harm older households, but the size of the impact varies due to three factors: the extent to which income and assets keep up with rising pric...

10 Legit Side Hustles for Women ($15k+ Per Month)

Girls just want to have…funds. In fact, a recent study revealed that 54% of Americans have picked up a side hustle to earn extra income, with 49% of women having done so. 6 Online Side Hustle I...

Social Security Expands Access To SSI Benefits

Social Security just expanded access to Supplemental Security Income (SSI) benefits and reduced the administrative burden for low-income households....

Got a Cash Balance Pension? Understand Your Options

To maximize your retirement income, you need to know how your cash balance plan works, which type of payout is right for you and how it’s taxed....

When to Drop, Replace, Modify, or Decrease Your Disability Insurance Coverage

[Editor's Note: As you transition from residency into becoming an attending, it’s key to learn about saving and investing with your increased income, paying off student loans, and getting the ri...

If You Have a Pension, Smart Tax Planning Should Start Now

Adding pension income to Social Security benefits and income from required minimum distributions could see you facing a tax torpedo and higher Medicare costs....

Whose Tax is it Anyway?

Last week, Bloomberg published an article on how the rich avoid paying New York income taxes while still owning a home in the city/state. The key to their tax avoidance strategy is spending less than ...

Forget To File Your Taxes? You Might Hear From The IRS

According to the IRS, the mailings are being sent to more than 25,000 people who have more than $1 million in income between tax years 2017 and 2021, and to more than ......

Is Your Retirement Solution Hiding in Plain Sight?

Here’s how to use your home equity in combination with an annuity contract to produce late-in-life income....

Strategies to Optimize Your Social Security Benefits

To maximize what you can collect, it’s crucial to know when you can file, how delaying filing affects your checks and the income limit if you’re still working....

A Deep Dive On Dividend Investing 

Previously, we’ve talked about passive income ideas to boost your earnings. In terms of growing your income, dividend stocks are ... Read more...

Traditional Retirement Accounts or Roth? How to Choose

Let’s compare traditional IRAs, traditional 401(k)s, Roth IRAs and Roth 401(k)s. Which might work best for you could depend on your income and tax status....

Revocable Trusts: The Most Common Trusts in Estate Planning

Revocable trusts allow the trust maker complete control over the assets and can be quite efficient when it comes to capital gains and income taxes....

Honeygain Review: Is it Legit? And Is It Worth Using?

Honeygain is the first platform that allows you to earn passive income by sharing your unused internet connection. While some users claim to have made thousands of dollars using the app, there are a f...

How Lower Interest Rates Could Affect Older Adults

When the Fed starts cutting interest rates, retirees could see lower yields on fixed-income assets. Social Security’s finances could be impacted, too....

Backdoor Roth in H&R Block: Recharacterized in the Same Year

You may have contributed to a Roth IRA and then realized later in the year that you would exceed the income limit. You recharacterized the Roth IRA contribution as a Traditional IRA contribution and c...

Is There a Best Day of the Year to Retire?

Taking into consideration the time of the month and the time of the year can make a difference in your retirement income....

Do You Know How to Create a Reliable Retirement Paycheck?

Here are some do’s and don’ts (plus a never) for when it comes time to create your retirement income plan....

How to Cut Your Taxes as Short-Term Interest Rates Come Down

Using after-tax savings to buy an immediate annuity could shift your taxes on income to later years, when you might have expenses that can offset higher taxes....

Delay Social Security? Not Everyone Can Do it

Financial advisers often encourage older workers to delay signing up for their Social Security as long as possible to maximize their monthly income. But several of our blog’s readers point out, ...

Bureaucracy, Paperwork Block Access to Government Aid

Seven million low-income Americans who would qualify for SNAP food stamps are not receiving them. And millions have fallen out of their state’s Medicaid coverage or Children’s Health Insur...

401(k) Early Withdrawals May Cost You More Than You Think

Americans are taking early withdrawals from their 401(k)s at record rates “across different ages and income levels.”¹ According to Capitalize, “Half of Americans have made early...